All Tutorials will be E-mailed immediately (automatically) after the Payment and can also be Downloaded by clicking on Tutorial Bucket.
Please Check your Spam Email if you do not get the Tutorial.
Click Here to Submit New Syllabus (If course has changed or if you need help with any other course)
Shopping Cart
Your shopping cart is empty!
ACC 561 Final Exam Guide (New, 2017, 23 Questions)
$15.00

ACC 561 Final Exam Guide (New, 2017, 23 Questions)

This Tutorial was purchased 3 times & rated A by student like you.

 

This Tutorial contains following Attachments

  • ACC 561 Final Exam Guide (New, 2017).docx

We have Answered 23 Questions of this final out of 30, Please provide rest of the questions we will provide this tutorial for free. The investigation of materials price variance usually begins in the: controller’s office. accounts payable department. first production department. purchasing department Hollis Industries produces flash drives for computers, which it sells for $20 each. Each flash drive costs $13 of variable costs to make. During April, 1,000 drives were sold. Fixed costs for March were $2 per unit for a total of $1,000 for the month. How much is the contribution margin ratio? 35% 25% 75% 65% Which of the following statements is not true? When a company’s sales revenue is decreasing, high operating leverage is good because it means that profits will decrease at a slower pace than revenues decrease. When a company’s sales revenue is increasing, high operating leverage is good because it means that profits will increase rapidly. Companies that have higher fixed costs relative to variable costs have higher operating leverage. Operating leverage refers to the extent to which a company’s net income reacts to a given change in sales. Which of the following will not result in an unfavorable controllable margin difference? Sales under budget; costs under budget Sales exceeding budget; costs under budget Sales under budget; costs over budget Sales exceeding budget; costs over budget 5 Based on the following data, what is the amount of working capital? Accounts payable………………………………………………………..$64,000 Accounts receivable……………………………………………………..114,000 Cash………………………………………………………………………. 70,000 Intangible assets…………………………………………………………100,000 Inventory…………………………………………………………………. 138,000 Long-term investments…………………………………………………..160,000 Long-term liabilities……………………………… ………………………200,000 Short-term investments……………………………………………………80,000 Notes payable (short-term)………………………………………………..56,000 Property, plant, and equipment………………………………………..1,340,000 Prepaid insurance…………………………………………………………….2,000 $370,000 $332,000 $326,000 $284,000 6 Miller Manufacturing’s degree of operating leverage is 1.5. Warren Corporation’s degree of operating leverage is 3. Warren’s earnings would go up (or down) by ________ as much as Miller’s with an equal increase (or decrease) in sales. 2 times 4.5 times 1.5 times 1/2 times 7 What is the primary difference between a static budget and a flexible budget? The static budget contains only fixed costs, while the flexible budget contains only variable costs. The static budget is prepared only for units produced, while a flexible budget reflects the number of units sold. The static budget is constructed using input from only upper level management, while a flexible budget obtains input from all levels of management. The static budget is prepared for a single level of activity, while a flexible budget is adjusted for different activity levels. 8 Ben Gordon, Inc. manufactures 2 products, wheels and seats. The company has estimated its overhead in the assembling department to be $660,000. The company produces 300,000 wheels and 600,000 seats each year. Each wheel uses 2 parts, and each seat uses 3 parts. How much of the assembly overhead should be allocated to wheels? $165,000 $220,000 $264,000 $282,856 9 Financial and managerial accounting are similar in that both: produce general-purpose reports. deal with the economic events of an enterprise. have reports that are prepared quarterly and annually. have the same primary users. 10 It costs Garner Company $12 of variable and $5 of fixed costs to produce one bathroom scale which normally sells for $35. A foreign wholesaler offers to purchase 3,000 scales at $15 each. Garner would incur special shipping costs of $1 per scale if the order were accepted. Garner has sufficient unused capacity to produce the 3,000 scales. If the special order is accepted, what will be the effect on net income? $6,000 decrease $9,000 decrease $6,000 increase $45,000 increase 11 Which one of the following is an example of a period cost? A manager’s salary for work that is done in the corporate head office. A box cost associated with computers. A change in benefits for the union workers who work in the New York plant of a Fortune 1000 manufacturer. Workers’ compensation insurance on factory workers’ wages allocated to the factory. 12 The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at: $300 million. $350 million. $600 million. $700 million. 13 Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not? Yes, the intent of the company is to perform the work and the customer is confident that the services will be completed. No, the amount of revenue cannot be adequately determined until the company completes the work. Yes, they are treated as revenue at the time of receipt because the company has access to the cash. No, revenue cannot be recognized until the work is performed. 14 Which statement is correct? The cash basis of accounting is objective because no one can be certain of the amount of revenue until the cash is received. As long as management is ethical, there are no problems with using the cash basis of accounting. As long as a company consistently uses the cash basis of accounting, generally accepted accounting principles allow its use. The use of the cash basis of accounting violates both the revenue recognition and expense recognition principles. 15 If a plant is operating at full capacity and receives a one-time opportunity to accept an order at a special price below its usual price, then: the order will likely be accepted. only variable costs are relevant. the order will likely be rejected. fixed costs are not relevant. 16 Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead cost $1,600,000 Actual annual overhead cost $1,575,000 Estimated machine hours 400,000 Actual machine hours 390,000 $1,560,000 applied and $15,000 underapplied $1,560,000 applied and $15,000 overapplied $1,600,000 applied and $15,000 overapplied $1,575,000 applied and neither under- nor overapplied 17 Scorpion Production Company planned to use 1 yard of plastic per unit budgeted at $81 a yard. However, the plastic actually cost $80 per yard. The company actually made 3,900 units, although it had planned to make only 3,300 units. Total yards used for production were 3,960. How much is the total materials variance? $3,960 F $48,600 U $900 U $4,860 U 18 Which of the following statements concerning users of accounting information is incorrect? Present creditors are considered external users. Taxing authorities are considered external users. Regulatory authorities are considered internal users. Management is considered an internal user. 19 Top management notices a variation from budget and an investigation of the difference reveals that the department manager could not be expected to have controlled the variation. Which of the following statements is applicable? Department managers should be credited for favorable variances even if they are beyond their control. Department managers should be held accountable for all variances from budgets for their departments. Department managers’ performances should not be evaluated based on actual results to budgeted results. Department managers should only be held accountable for controllable variances for their departments. 20 Danner Corporation reported net sales of $650,000, $720,000, and $780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage do 2018 sales represent of the base? 120% 83% 20% 108% 21 La More Company had the following transactions during 2016: Sales of $9,000 on account Collected $4,000 for services to be performed in 2017 Paid $3,750 cash in salaries for 2016 Purchased airline tickets for $500 in December for a trip to take place in 2017 What is La More’s 2016 net income using accrual accounting? $9,250 $9,750 $5,250 $5,750 22 If there are no units in process at the beginning of the period, then: the units started into production will equal the number of units transferred out. the company must be using a job order cost system. the units to be accounted for will equal the units transferred out and the units in process at the end of the period. only one computation of equivalent units of production will be necessary. 23 Which of the following is not an underlying assumption of CVP analysis? Sales mix is constant. Beginning inventory is larger than ending inventory. Cost classifications are reasonably accurate. Changes in activity are the only factors that affect costs.

Write a review

Order Id


Order Id will be kept Confidential
Your Name:


Your Review:
Rating:   A   B   C   D   F  

Enter the code in the box below:



Related Tutorials
$40.00

This Tutorial was purchased 19 times & rated A+ by student like you.

To see the detail of any set click on related product or else please go to bus 475 final exam under categories listed on the home page ..
$55.00

This Tutorial was purchased 60 times & rated A+ by student like you.

ACC 561 Week 1 Individual Assignment Financial Statements (2 Papers) ACC 561 Week 2 Individual Assignment Accounting & The Regulatory Environment (2 Papers) ACC 561 Week 3 Team Assignment Financial Statement Analysis (2 Set) ACC 561 Week 4 Team Assignment Cost Accounting Systems (2 PPT) ..
$6.00

This Tutorial was purchased 20 times & rated A+ by student like you.

1. A major accounting contribution to the managerial decision-making process in evaluating possible courses of action is to 2. In incremental analysis, 3. Incremental analysis is most uesful 4. It costs Ross Co. $24 of variable and $10 of fixed costs to produce one bathroom scale whic..
$8.00

This Tutorial was purchased 53 times & rated A+ by student like you.

This Tutorial comes with Excel File to solve for any values Resource: WileyPLUS Complete the following Week 6 Assignment in WileyPLUS: • Exercises: 21-3 • Exercises: 23-1 • Brief Exercise 20-3 • Brief Exercise 20-4 • Brief Exercise 20-8 • Exercises: 20-3 • Exercises: 22-1 • Brief ..
$5.00

This Tutorial was purchased 12 times & rated No rating by student like you.

1.      Why are budgets useful in the planning process? 2.      A common starting point in the budgeting process is 3.      Which of the following statements about budget acceptance in an organization is true? ..
$7.00

This Tutorial was purchased 54 times & rated A by student like you.

Click the Assignment Files tab to submit your assignment. Write a paper of no more than 350 words after completing Exercise 19-17 in WileyPLUS in which you respond to the following questions: In this case, would it be better to use the variable or absorption costing method, ..
$8.00

This Tutorial was purchased 57 times & rated A+ by student like you.

This Tutorial comes with Excel File to solve for any values Resource: WileyPLUS Complete the following Week 5 Assignment in WileyPLUS: • Brief Exercise 18-8 • Brief Exercise 18-10 • Brief Exercise 18-11 • Expand Your Critical Thinking 18-1 • Brief Exercise 19-16 • Exercise 19-7 • Exerc..
$6.00

This Tutorial was purchased 58 times & rated A by student like you.

Resource: WileyPLUS Access the following Week 5 Assignment in WileyPLUS:  Broadening Your Perspective 18-1  Write a paper of no more than 750 words in which you respond to the Broadening Your Perspective 18-1 activity titled "Decision Making Across the O..
$6.00

This Tutorial was purchased 18 times & rated A+ by student like you.

Two Set—Scroll down to see all included Questions Under a job order cost system, costs are assigned to each job or to each batch of goods. A process cost system is used when a company manufactures a large volume of unique products. The two major steps in the job order cost flow are 1) accum..
$8.00

This Tutorial was purchased 39 times & rated No rating by student like you.

This Tutorial comes with Excel File to solve for any values Complete the following Week 4 Assignment in WileyPLUS: • Exercise 15-5 • Exercise 16-3 • Exercise 17-1 Exercise 15-5 Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expe..
$6.00

This Tutorial was purchased 29 times & rated No rating by student like you.

This Tutorial comes with Excel File to solve for any values Complete the following Week 4 Assignment in WileyPLUS: • Exercise 15-5 • Exercise 16-3 • Exercise 17-1 Exercise 15-5 Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expe..
$6.00

This Tutorial was purchased 11 times & rated A+ by student like you.

1.      A major purpose of cost accounting is to 2.      The two basic types of cost accounting systems are 3.      A process cost system would most likely be used by a company that makes 4.   &n..
$9.00

This Tutorial was purchased 28 times & rated A+ by student like you.

This Tutorial comes with Excel File to solve for any values Access the following Week 3 Assignment in WileyPLUS: • Brief Exercise 13-8 • Brief Exercise 13-8 (essay) • Brief Exercise 13-9 (essay) • Brief Exercise 13-4 • Brief Exercise 13-5 • Brief Exercise 13-10 • Brief Exercise 13-1..
$6.00

This Tutorial was purchased 6 times & rated No rating by student like you.

1.      The relationship between current assets and current liabilities is important in evaluating a company’s 2.      Which of the following is a measure of liquidity? 3.      Current assets divided by current lia..
$6.00

This Tutorial was purchased 6 times & rated No rating by student like you.

1.      The proprietorship form of business organization 2.      Most business enterprises in the United States are 3.      A business organized as a separate legal entity is a 4.      ..
$7.00

This Tutorial was purchased 7 times & rated A+ by student like you.

This Tutorial comes with Excel File to solve for any values Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: • Brief Exercise: 1-7 • Brief Exercise: 1-8 Brief Exercise 1-7 Indicate which statement you would examine to find each of the following items: income ..
$15.00

This Tutorial was purchased 35 times & rated A+ by student like you.

1.      Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? 2.      The group of users of accounting information charged with achieving the goals of the business is its 3.  &n..
$8.00

This Tutorial was purchased 4 times & rated A+ by student like you.

Purpose of Assignment This activity helps students recognize the significant role accounting plays in providing financial information to management for decision making through the evaluation of financial statements. This experiential assignment requires students to use ratios to evaluate and analy..
$9.00

This Tutorial was purchased 3 times & rated A by student like you.

This Tutorial contains 2 Papers of this Assignment In the wake of the accounting and finance scandals of the early 2000s, the regulatory environment for businesses changed dramatically to create more accountability and transparency. Agencies like the Securities and Exchange Commission (SEC) and..
$9.00

This Tutorial was purchased 2 times & rated A+ by student like you.

This Tutorial contains 2 Papers of this Assignment Learning Team members will refer back to their Week 1 Individual Assignment and perform the calculations using the financial statements from their individual companies. Part I Complete the following: • Perform at least one profitability rat..
$8.00

This Tutorial was purchased 3 times & rated A by student like you.

This Tutorial contains 2 Presentation of this Assignment Consider the places of employment of the team members or businesses with which the team is familiar and the industries in which they operate. Create a 12-slide presentation, including detailed speaker notes that act as the script of th..
$8.00

This Tutorial was purchased 13 times & rated A by student like you.

This Tutorial contains 2 Presentation of this Assignment Develop an 8-slide presentation regarding costing methods as related to the scenario in Exercise 19-7, which all team members completed in WileyPLUS. Include the following: • Recommend a costing method in choosing between variable or a..
$80.00

This Tutorial was purchased 11 times & rated A+ by student like you.

ACC 561 Week 1 Individual Assignment Financial Statements (2 Papers) ACC 561 Week 2 Individual Assignment Accounting & The Regulatory Environment (2 Papers) ACC 561 Week 3 Team Assignment Financial Statement Analysis (2 Set) ACC 561 Week 4 Team Assignment Cost Accounting Systems (2 PPT) ..
$35.00

This Tutorial was purchased 4 times & rated A+ by student like you.

This Tutorial contains Excel Sheet to solve Problem for any Values Exercise 1-6 (Part Level Submission) Calculate the net income. Prepare the 2017 retained earnings statement for Metlock.Inc Exercise 1-14 Wayne Holtz is the bookkeeper for Bramble Corp.. Wayne has been trying to get the ba..
$8.00

This Tutorial was purchased 2 times & rated A+ by student like you.

In the wake of the accounting and finance scandals of the early 2000s, the regulatory environment for businesses changed dramatically to create more accountability and transparency. Agencies like the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) p..
$8.00

This Tutorial was purchased 4 times & rated A+ by student like you.

Learning Team members perform the calculations using the financial statements from their individual companies. Part I Complete the following: • Perform at least one profitability ratio to measure the income and operating success of your selected company. • Perform at least one liquidity ratio t..
$12.00

This Tutorial was purchased 6 times & rated A+ by student like you.

Week Five Individual Assignment Purpose of Assignment The Case Study focuses on CVP (Cost-Volume-Profit), break-even, and margin of safety analyses which allows students to experience working through a business scenario and applying these tools in managerial decision making. Assignment Steps ..
$10.00

This Tutorial was purchased 13 times & rated A+ by student like you.

Week Four Purpose of Assignment The materials covered this week distinguish between the different costing methods and provides needed tools for decision making. This case study focuses on determining equivalent units in a production business setting. Assignment Steps Resources: Generally Acce..
$12.00

This Tutorial was purchased 4 times & rated A+ by student like you.

Purpose of Assignment This week's focus is on the preparation of financial reports for internal users, such as managers. This case study applies the concepts of managerial accounting, through comparative and ratio analysis, and requires students to identify financial data needed by managers for de..
$10.00

This Tutorial was purchased 6 times & rated A by student like you.

This Tutorial contains 2 Papers Purpose of Assignment This week's activity illustrates the role a company's accounting method plays in financial statement reporting. In this assignment, students evaluate the events occuring in a business setting and determine how to properly analyze those event..
$12.00

This Tutorial was purchased 6 times & rated A+ by student like you.

Week Six Individual Assignment Purpose of Assignment This comprehensive case requires students to evaluate a static budget and prepare flexible budgets to meet managerial needs. Students are required to calculate and analyze variances and discuss how variances are critical to managerial decisio..
$12.00

This Tutorial was purchased 3 times & rated A+ by student like you.

Week Three Learning Team Purpose of Assignment The activity requires students to perform research and analysis on competing companies and the potential implications of international standards. This real-world analysis is key to understanding how a company's profitability, liquidity, and solvency ..
$12.00

This Tutorial was purchased 7 times & rated A+ by student like you.

Week Five Learning Team Assignment Purpose of Assignment The case study focuses on break-even, margin of safety, and incremental analysis and allows students to experience working through a business scenario to apply these tools in managerial decision making. Students are required to make deci..
$15.00

This Tutorial was purchased 3 times & rated A by student like you.

We have Answered 23 Questions of this final out of 30, Please provide rest of the questions we will provide this tutorial for free. The investigation of materials price variance usually begins in the: controller’s office. accounts payable department. first production department. purchasing de..
Tags:
acc561 © 2017 All Rights Reserved.Powered by:Webzindagi